An unnamed buyer appears to have emerged to purchase the golf courses and other amenities at Reynolds Plantation, which has been operating under a bank-appointed receiver for nearly a year.
In a letter on Monday to members of the Lake Oconee enclave, the receiver said “we have a potential purchaser for the Reynolds Plantation assets, pending execution of a formal contract between the parties.”
The gated communities, long vacation and retirement havens to wealthy Atlantans, are about 80 miles east of the city. Reynolds Plantation has six golf courses at Lake Oconee and 3,600 property owners overall.
The economic collapse has taken its toll on Reynolds Plantation and other glitzy golf communities nationwide. The parent company of another luxurious Georgia golf community, Sea Island, filed for bankruptcy, and its amenities were acquired by new owners after a mega redevelopment there fizzled.
Reynolds Plantation’s receiver, Andrew Bolnick, did not identify the potential buyer. But he said the purchaser would be named “once final contract documents are executed.”
An email seeking further comment from Bolnick was not answered.
“I can say with great confidence that we are very pleased with the quality and quantity of the offers we received on the assets, and that we are very proud to have a reputable, qualified, and worthy buyer for Reynolds Plantation,” Bolnick wrote to members.
Rumors of a possible sale have been circling for some time.
It is not clear when a deal might be finalized.
In February 2011, Linger Longer Development Co. Chairman and Reynolds developer Mercer Reynolds notified members that the company’s lenders were demanding repayment of debt, and offered to sell the members the community’s golf courses, marinas and other public areas for $45 million.
The members declined, and in May of last year Bolnick was hired to operate the clubs and market the community and thousands of acres of undeveloped land.
"It’s good news if we have a new developer," said Michael Lefkove, a Reynolds resident and dentist with a practice in Milledgeville. He credited the receiver for maintaining and marketing the property under challenging circumstances.
"I think everyone wants to move past receivership. It’s a good thing, I guess,” Lefkove said.
